Peregrine Asset Advisers Inc. Has $747,000 Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Peregrine Asset Advisers Inc. increased its stake in shares of Meta Platforms, Inc. (NASDAQ:METAFree Report) by 70.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,538 shares of the social networking company’s stock after acquiring an additional 637 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Meta Platforms were worth $747,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Chase Investment Counsel Corp increased its holdings in Meta Platforms by 1.2% in the 1st quarter. Chase Investment Counsel Corp now owns 19,069 shares of the social networking company’s stock valued at $9,259,000 after buying an additional 218 shares during the period. Shoker Investment Counsel Inc. acquired a new position in Meta Platforms during the 1st quarter valued at about $752,000. Jennison Associates LLC lifted its position in Meta Platforms by 24.7% during the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after purchasing an additional 2,748,620 shares during the period. Hudock Inc. lifted its position in Meta Platforms by 13.6% during the 1st quarter. Hudock Inc. now owns 1,371 shares of the social networking company’s stock valued at $666,000 after purchasing an additional 164 shares during the period. Finally, Adapt Wealth Advisors LLC acquired a new stake in shares of Meta Platforms in the 1st quarter valued at approximately $243,000. Institutional investors own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $450.00 price target on shares of Meta Platforms in a research report on Wednesday, June 12th. Canaccord Genuity Group cut their price objective on Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, April 25th. The Goldman Sachs Group cut their price target on Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Loop Capital reiterated a “buy” rating and issued a $550.00 price objective on shares of Meta Platforms in a research note on Wednesday, July 3rd. Finally, Rosenblatt Securities lifted their price target on shares of Meta Platforms from $520.00 to $562.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $513.59.

Read Our Latest Stock Report on META

Meta Platforms Stock Performance

NASDAQ META opened at $530.00 on Wednesday. Meta Platforms, Inc. has a 1 year low of $274.38 and a 1 year high of $542.81. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68. The firm has a market cap of $1.34 trillion, a price-to-earnings ratio of 30.44, a PEG ratio of 1.37 and a beta of 1.21. The company has a fifty day moving average price of $488.29 and a 200-day moving average price of $464.16.

Meta Platforms (NASDAQ:METAGet Free Report) last posted its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.32 by $0.39. The firm had revenue of $36.46 billion during the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. As a group, equities research analysts predict that Meta Platforms, Inc. will post 20.15 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.38%. Meta Platforms’s payout ratio is currently 11.49%.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 8,727 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $528.87, for a total transaction of $4,615,448.49. Following the completion of the transaction, the chief executive officer now owns 178,099 shares in the company, valued at $94,191,218.13. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Meta Platforms news, CFO Susan J. Li sold 8,951 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $4,223,529.35. Following the completion of the transaction, the chief financial officer now owns 74,580 shares in the company, valued at $35,190,573. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 8,727 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $528.87, for a total transaction of $4,615,448.49. Following the completion of the sale, the chief executive officer now directly owns 178,099 shares in the company, valued at $94,191,218.13. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 260,459 shares of company stock worth $128,049,749. 13.71% of the stock is owned by company insiders.

Meta Platforms Profile

(Free Report)

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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